FAIR CREDIT REPORTING ACT LAWYERS FIGHTING FOR CONSUMERS’ RIGHTS
Like most people, you work hard to meet your obligations, and, like most people, you probably struggle with your finances and debts. You don’t need any mistakes showing up on your credit report. Those mistakes can hurt you if you try to get a loan, open a credit card, rent an apartment, try to buy a home, or even apply for a job.
When a consumer reporting agency, a creditor, or a business provides wrong information about your credit, a Fair Credit Reporting Act attorney at the Chicago Consumer Law Center can help.
The Fair Credit Reporting Act (FCRA) is a federal law that regulates consumer reporting agencies and the parties who provide these agencies with details about your credit.
Consumer reporting agencies gather and report information about you and your credit to businesses, banks, and even to employers and landlords. It’s sensitive information, and it must be correct. If not, it could cost you thousands of dollars in higher rates for everything from insurance to a mortgage, or you could be denied credit, housing, or a job.
WHAT IS REQUIRED BY THE FAIR CREDIT REPORTING ACT?
Under the FCRA, consumer reporting agencies have to take reasonable measures to ensure the accuracy and confidentiality of the information they report about you. Problem is, it’s estimated that about 76% of consumers have inaccurate information on their credit report.
When these agencies report the wrong information, it can damage your credit score, and it may disqualify you for a mortgage or for any other loan. There’s no excuse for mistakes.
An accurate credit report is especially important after a bankruptcy, or you may not be able to take advantage of the fresh financial start that a bankruptcy provides.
HOW CAN YOU PROTECT YOURSELF FROM INACCURATE CREDIT REPORTS?
It’s a good idea to review your credit report for mistakes several times a year. Wrong or misleading information on your credit report may include, but isn’t limited to:
- reporting someone else’s information on your report
- reporting a balance after a bankruptcy
- reporting on-time payments as late
- inaccurately reporting the amount that you still owe on a debt
If there’s a mistake on your credit report, you’re entitled to have it corrected. Send the credit reporting agency – and your creditors – a letter of dispute. Simply and clearly explain the mistake and provide the correct information. Make sure you send it only by mail with a tracking number, such as certified mail, to prove they received it.
Your letter will require the credit reporting agency to investigate the mistake and fix it. If the agency fails to do that promptly, contact us at the Chicago Consumer Law Center.
Anyone who requests your credit information must have a legitimate reason, so the Fair Credit Reporting Act also prevents credit reporting agencies from sharing your credit information with anyone who doesn’t have a permissible purpose.
WE CAN PROTECT YOUR FCRA RIGHTS
If you suspect that your confidentiality has been violated by a credit reporting agency, call us to discuss your options. If a credit reporting agency or another party violates any of your FCRA rights, you may be able to sue for damages. We’ll help.
A Fair Credit Reporting Act attorney at the Chicago Consumer Law Center can protect and fight aggressively for your rights under the FCRA. And that’s only one of the many services that we offer consumers in the Chicago area.
If you believe that a credit reporting agency has violated your rights, or if you’re not sure, reach out to us by calling (312) 858-3240, and schedule a free Strategy Session with one of our consumer lawyers. We’ll ensure that your credit report is accurate, and we’ll protect your consumer rights.